Mergers and Acquisitions process | A complete overview with 14 simple steps

Mergers and Acquisitions process | A complete overview with 14 simple steps

Mergers and Acquisitions in Bangladesh: A Complete guide with 14 steps

Tahmidur Rahman
 Director and Senior Associate, Counsels Law Partners

27 Dec 2019

Our clients profit from a leading global M&A practice that has worked on more M&A transactions than any other law firm over the last 2 years. In Counsels Law Partners, our experience helps us to efficiently execute local and cross-border global transactions while helping you at all stages of the process and offering you cost-effective, realistic business solutions. This post explains in details about the mergers and acquisitions process in Bangladesh.

What are Mergers and Acquisitions? 

 

Mergers and acquisitions ( M&A) refer to transactions which are combined in some way between two entities. While the use of mergers and acquisitions ( M&A) is synonymous, they come with different legal symbolic meanings. Two similar-size businesses unite in a merger to form a new corporate company.

On the other hand, an acquisition is when a larger enterprise acquires a smaller enterprise, thereby absorbing the smaller business. M&A transactions can be friendly or aggressive, depending on the board approval of the target firm. (Mergers and Acquisitions in Bangladesh)

Types of Mergers and Acquisitions (M&A) Transactions

 

1.  Horizontal M&A

A horizontal merger occurs between two firms operating in related industries which may or may not be direct competitors.

2. Vertical M&A

A vertical merger takes place in the supply chain between a business and its supplier or a client. The business intends to shift up or down the supply chain, thus consolidating its role in the market.

3. Conglomerate M&A

This form of transaction is typically performed in different industries for purposes of diversification, and is between businesses.

Legal Framework of a  Mergers and Acquisitions (M&A) Transactions in Bangladesh

 

Bangladesh does not have a specific or a single piece of legislation dealing solely with mergers and acquisitions. Instead there are various statutes and by-laws in Bangladesh that govern acquisitions and mergers. The main laws are the Companies Act 1994, the Securities and Exchange Ordinance of 1969, the Bangladesh Securities and Exchange Commission Act of 1993, the Foreign Exchange Management Act of 1947, the Competition Act and the By-Laws rendered under those Statutes. Additionally , there are various rules that deal with particular aspects of mergers and acquisitions. For example,the Insurance Act 2010 for insurance companies and the Bangladesh Telecommunication Regulation Act 2001 for the telecommunication sector.

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Step by Step process for Mergers and Acquisitions  in Bangladesh

 

While contemplating game changing strategic transactions, companies regularly seek Counsel Law Partners to plan, negotiate and close their deals. As an integrated team, the mergers and acquisitions lawyers from our law firm work through the broad spectrum of practice areas involved in strategic M&A transactions. Our mergers and acquisitions lawyers are committed to attaining the ambitions of our clients and offering innovative ideas and industry-focused legal advice. And here are the conventional steps by steps procedure of a mergers and acquisitions in Bangladesh:

 

Step 1: Proposal of a Merger

Any company proposing to carry out merger first have to get suitable resolutions passed by their Board of Directors. By passing the resolution, the Board of Directors will agree in principle, to proceed in accordance with such resolution.

During the planning stage of the merger, key executives in both merging entities’ supply chain should create dedicated integration, project management office, and steering committee teams with specific job descriptions, meeting cadence, and coordinated deliverables and status updates templates.

A timely, detailed organizational viewpoint can be introduced into a phase of M&A integration where there is a collective participation of the supply chain leadership.

This partnership becomes possible at all levels of the organizations work together during the integration process; however, the position of the operations and production staff varies depending on the phase.

The resolution passed may be treated as Price-sensitive Information (i.e. the information if published is likely to materially affect the price of securities of the company).

Step 2: Negotiations

After producing some of the target company’s valuation models, the acquirer should have sufficient information to allow him to ensure a fair offer; once the initial offer has been made, the two companies will discuss terms in more detail

Step 3: Due-Dilligence for the Merger

To enable Bangladesh Bank to consider the effectiveness of merger, the transferee company have to seek prior approval to commence financial and legal due-diligence of itself and also of that company they are intending to merge with.

Due diligence is a systematic procedure that starts when the offer is accepted; due diligence seeks to validate or correct the acquirer ‘s estimation of the target company’s worth by conducting a thorough evaluation and examination of any aspect of the target company’s operations – its financial results, assets and liabilities, clients, human resources, etc.

In order to seek the approval for due diligence the transferee company need to submit certain documents.

Documents:

  1. Credentials of the company (background, resources, net worth etc.) and
  2. Information about the team of Lawyers, Financial Advisors, Chartered Accountants, Valuers etc. for conducting due-diligence of the asset and liability of both the companies.

    The transferee company have to ensure that none of the team members engaged in due diligence are actively dealing in shares or have any conflict of interest with either of the companies intending to merge together.

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Step 4: Disclosure and Confidentiality

a)Disclosure

Disclosure plans are an important part of any agreement involving merger or acquisition (M&A), and it is no exception in Mergers and Acquisitions in Bangladesh. The disclosure schedules include details provided by the acquisition agreement — typically a list of relevant contracts, intellectual property, employee records, and other specific matters, as well as exceptions or conditions to the selling company’s comprehensive representations and warranties in the acquisition agreement.

An incorrect or incomplete disclosure plan may result in the selling company or its stockholders being infringed by the purchase agreement and potentially serious liability. Whenever a person/company intends to own, acquire or control 10% or more voting shares in a company listed on any stock exchange in Bangladesh, there is a mandatory obligation of disclosure.  Meaning, both the companies are under an obligation to disclose information about the companies among themselves.

b)Confidentiality

However, there is also an obligation of confidentiality as well. Upon obtaining approval from Bangladesh Bank for conducting due-diligence, the transferee company shall submit an undertaking to Bangladesh Bank.

Such an undertaking confirms that all information, in particular all non-public domain information and documents etc. shall be kept strictly confidential. In addition, such confidential information shall not be disclosed to any person or organization unless advised by Bangladesh Bank or legally required or required to comply with the regulatory requirements. However, this confidentiality requirement does not apply for the due diligence team.

 In Mergers and Acquisitions in Bangladesh, it is to be noted that the members of the due-diligence team will also be bound under the aforesaid undertaking to keep the information, document etc. confidential. In addition, the due-diligence team shall not demand any information/observations made by Bangladesh Bank in relation to the affairs and the business of concerned companies from the transferee or transferor companies.

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Step 5: Due diligence report submission

Upon completion of the task of due diligence, the team will have to submit a copy of the report to Bangladesh Bank. (Mergers and Acquisitions in Bangladesh)

The due diligence report must include the following information:  

  • Debts that are secured and unsecured and in the case of secured debts particulars of the securities and their value.
  • The value of the property and the assets of the transferor and the transferee company calculated.
  • The seller’s M&A counsel also should endeavor to limit disclosures to lists of documents or matters rather than descriptions of the contents of documents or matters (such as requiring a list of pending litigation rather than a description of each pending lawsuit); again, this approach lessens the work involved in preparing the disclosure schedules.
  • The liabilities of the transferor and the transferee companies.
  • In view of the above clauses, the financial impact of the merger proposal on the two companies and their creditors, shareholders and depositors.

Step 6: Shareholders’ and creditors’ consent

The next step would be to prepare a scheme of merger by the transferor or transferee companies based on the due diligence report. The Board of Directors of the respective companies will have to pass a resolution in this regard.

While passing the resolution the scheme shall be considered as so drawn and then, in accordance to the provisions of Companies Act -1994, hold meetings of their respective members to consider and approve, the concerned scheme.

If a majority in number representing three-fourth in value of members present in the meeting, either in person or by proxy, approve the scheme, the same shall be deemed to have the approval of the members.

Mergers and Acquisitions in Bangladesh _Tahmidur Rahman

Step 7: Scheme Submission to Bangladesh Bank

Thereafter, an application will have to be submitted to Bangladesh bank by the transferee company.  In addition to the application, a copy of the Scheme of merger/amalgamation, together with such other documents will have to be submitted.

Other documents include:

  1. Name, address and occupation of the Directors of the transferee company as proposed to be reconstituted after the amalgamation,
  2. Details of the proposed Chief Executive Officer of the transferee company after the amalgamation,
  3. Post-merger Branch Plan, Technology Plan, Human Resource Plan and proposal to address Corporate Governance issues.

    Information relevant for consideration of the scheme and the swap ratio including the following:

  • Valuer Report explaining the method of valuation and the justification for it. If market value of shares has been considered in computation of swap ratio, the value so considered,
  • Last three years annual report of each of the companies,
  • Financial results, if any, published by companies covering the periods subsequent to the Annual reports
  • Significant anticipated changes in service and products.
  • Pro forma combined balance sheet of the transferee company as it will appear following the amalgamation,

    Computation based on pro forma balance sheets of the following items:

  • Tier I Capital
  • Tier II Capital
  • Risk weighted assets
  • Gross and net Non-Performing Loans
  • Ratio of tier I capital to risk weighted assets
  • Ratio of tier II capital to risk weighted assets
  • Ratio of tier I capital to total assets
  • Ratio of total capital to risk weighted assets
  • Ratio of gross and net NPLs to advances.

    Any other information or explanation as sought by Bangladesh Bank.

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Step 8: Draft Scheme Examination

After receiving the draft Scheme, Bangladesh Bank will satisfy itself that the Scheme as proposed by the transferee company can be implemented successfully. In deciding such, Bangladesh Bank will consider various factors through examination of the scheme. The factors that may be considered are the capital of the merged entity, valuation of assets and liabilities, the impact on the profitability etc.

Step 9: Assets and liabilities valuation 

It is upon the merging companies to mutually agree the valuation of the assets. Bangladesh Bank does not generally interfere in this regard except where there are reasons to believe that the valuation is not fair and reasonable. If mutual agreement is not possible in relation to certain items then any of the parties to the merger can seek advice of Bangladesh Bank.

The Bangladesh Bank plays the role of a mediator and help resolve the differences. In case the mediation fails, the Bangladesh Bank will decide the value and the decision of the Bank in this regard shall be binding. The cost of obtaining such advice will be borne by the transferor company.

In a case where mutual agreement has not been possible in relation to certain items for example:

(a) valuation of a particular asset
(b) classification of any advance
(c) determination of any liability or any like issue, the bank / financial institution, shall highlight those areas and seek advice of Bangladesh Bank.

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Step 10: Transaction Price in Mergers and Acquisitions in Bangladesh

 Again the transaction cost/price is a matter to be mutually agreed between the transferor and the transferee on the basis of fair valuation of assets and liabilities proposed to be transferred.

Parties have the option to fix the price at a premium or discount to valuation. However, Bangladesh Bank have a right to be satisfied that the mutually agreed price is fair and reasonable. 

For this purpose, Bangladesh bank may ask for pricing rationale to examine the same and accept or suggest alteration. In order to do so Bangladesh bank will seek explanatory note on price mechanism along with supporting documents.

Step 11: Bangladesh Bank approval in Mergers and Acquisitions 

At this stage, Bangladesh bank will approve the Scheme as proposed if two conditions are satisfied. It can be implemented:

  • to the benefit of the company and/or the financial system of the country and
  • the scheme is not detrimental to the interest of the depositors

Thereafter, Bangladesh Bank may give its approval to the said Scheme with or without such modifications as deemed necessary.

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Step 12: High court petition in regards to Mergers and Acquisitions in Bangladesh

After the scheme of merger/amalgamation has been permitted by Bangladesh Bank, the transferor and the transferee now must comply with other formalities required under the Companies Act 1994. As such they need to file an application before the High Court and submit the scheme for the merger/amalgamation.

In addition, the transferee company will mark a copy of the application as filed before the Court together with annexure, if any, to Bangladesh Bank and will keep the Bank informed from time to time as the progress in the matter.

If the company, after obtaining approval of the Scheme from the Bangladesh Bank, fails to take these steps within the next three months from the date of approval, the approval so granted lapses, unless otherwise extended on justifiable consideration.

The high court will hear the application for merger/amalgamation and considering the objections if any, raised by any of the stakeholders. As such, based on that the Court may with or without such modification as it deems fit approve the Scheme.

Step 13: File certified copy of High court order to RJSC

After the scheme of merger/amalgamation has been permitted by Bangladesh Bank, the transferor and the transferee now must comply with other formalities required under the Companies Act 1994. As such they need to file an application before the High Court and submit the scheme for the merger/amalgamation.

In addition, the transferee company will mark a copy of the application as filed before the Court together with annexure, if any, to Bangladesh Bank and will keep the Bank informed from time to time as the progress in the matter.

If the company, after obtaining approval of the Scheme from the Bangladesh Bank, fails to take these steps within the next three months from the date of approval, the approval so granted lapses, unless otherwise extended on justifiable consideration.

The high court will hear the application for merger/amalgamation and considering the objections if any, raised by any of the stakeholders. As such, based on that the Court may with or without such modification as it deems fit approve the Scheme. (Mergers and Acquisitions in Bangladesh)

Mergers and Acquisitions in Bangladesh

Frequently Asked Questions about Mergers and Acquisitions in bangladesh

In regards to Mergers and Acquisitions in bangladesh people also ask these questions frequently, hence this FAQ content block is dedicated to answering your questions.

General Questions about Mergers and Acquisitions in bangladesh

What sort of Experience does CLP have in regards to Mergers and Acquisitions in Bangladesh?
  • public company takeover bids and responses;
  • private company acquisitions and disposals; 
  • joint ventures; 
  • reorganisations including schemes of arrangement;
  • venture capital and private equity;
  • management buyouts; and 
  • share buybacks and capital reductions

Why we are considered as one of the best M&A firms?

We combine our transactional skills with specialist experience across a number of fields to advise our clients on M&A transactions, including employment, tax benefits, financial services, regulatory services, real estate, intellectual property and business. Given the often rapid speed of transactions, we appreciate the need to provide expert advice efficiently and expeditiously. Our sector teams work closely with our transaction lawyers to offer a streamlined service to clients. Good knowledge of the market, gained from many years of working with clients across our industries, enables us to bring a strategic approach to our work and a comprehensive understanding of the issues of the industry.

How many types of Mergers are there?

3.

The three main types of mergers are horizontal mergers that increase market share, vertical mergers that exploit existing synergies and concentric mergers that expand the product offering.

Why sometimes Mergers fail?
  • Mislead Investment Value – Investments on assets may look good on paper, but they may not be revenue-generating areas after the deal has been concluded.

  • Lack of clarity in the integration process – post-merger, disintegration of factors such as key employees, processes, major projects, policies, etc., leading to failure in the implementation process.

  • Mismatch in culture – If the M&A agreement fails to develop a strong strategy focused on the difference in the cultural aspects of the two companies, a low productivity of the employees of both companies is observed.

What happens to the Stocks after the Merger?

Companies in stock-for-stock mergers agree to exchange shares on the basis of a fixed ratio. For example, if companies X and Y agree to a 1-for-2 share merger, Y shareholders will receive one X share for each of the two shares they currently hold. Y shares will cease trading and the number of outstanding X shares will increase after the merger has been completed. The post-merger X share price will depend on the market assessment of future earnings prospects for the new entity.

What is a reverse Merger?

A reverse merger occurs when a public company — usually a shell company with limited operations — acquires a private company that secures access to capital markets without having to go through an expensive initial public offering process. Shareholders and managers of the acquired company exchange their shares for a controlling interest in the public company, hence the terms “reverse merger” or “reverse acquisition.”

What happens to the Cash-for stock after the Merger?

In the case of cash mergers or acquisitions, the acquiring company agrees to pay a certain dollar amount for each share of the shares of the target company. The target’s share price would rise to reflect the takeover bid. For example, if Company X agrees to pay 100 BDT for each share of Company Y, the share price of Y would increase to about 100 BDT to reflect the offer.

The price could rise even further if additional companies were interested in acquiring Y. However, the price of the X share could initially fall if investors are unconvinced about the strategic value of the merger. After the companies merge, Y shareholders will receive 100 BDT for each share they hold and Y shares will cease trading.

How long does a Mergers and Acquisitions normally take in Bangladesh?

Mergers and Acquisitions may take a long time to market, negotiate and close. Most mergers and acquisitions can take a long time from start-up to completion; a period of 3 to 6 months is not unusual.

What are the advantages of doing Mergers and Acquisitions?

 

1. Mergers and acquisitions can come with various tax advantages

2. New possibilities offered by a new market

3. Obtaining easier access to a skilled labor force

4. You can diversify your portfolio

5. Buying or merging with another company is usually cheaper

6. Better access to a larger market

7. Mergers and acquisitions can mean greater financial power and more influence

 

What Tahmidur Rahman CLP Lawyers will do in a M&A?
  • Negotiate and draft agreements – this will be done in conjunction with the client, the business that is being purchased or sold, other consultants and any financial institutions.
  • Carry out due diligence – this is an investigation to verify the accuracy of the information passed from the seller to the purchaser. It sets out the financial strength of the company; the complete ownership of all assets; whether there are outstanding debts or other claims against the company; any environmental or other liabilities that could reduce the value of the business in the future.
  • Arrange financing – this could come from banks or other types of investors; they would like to have some kind of investment security. e.g. participation in the shareholding, taking out a mortgage over property or other collateral.
  • Gather all parties to complete the transaction, ensuring that all assets have been properly covered by written documents that are properly signed and documented. Company law requires decisions to be taken at properly convened board meetings and recorded in written resolutions.
  • Finalize all registrations and procedures after completion.
How are Mergers Financed?

Mergers do get generally financed by Exchanging stocks. This is the most common way to fund a merger or acquisition. If a company wishes to acquire or merge with another company, it must be assumed that the company has a large stock and a solid balance sheet. Here, the buyer will receive more stock from the seller than if they had paid in cash.

What is the largest Mergers and Acquisitions deal in the history?

Vodafone and Mannesmann. This merger, which took place in 2000, was worth over $180 billion and is the largest merger and acquisition deal in history.

Mergers and Acquisitions in Bangladesh, M&A at CLP:

The Barristers, Advocates, and lawyers at CLP in Gulshan, Dhaka, Bangladesh are highly experienced at dealing with Mergers and Acquisitions, In Counsels Law Partners, our experience helps us to efficiently execute local and cross-border global transactions while helping you at all stages of the process and offering you cost-effective, realistic business solutions. In addition to handling various issues related to domestic clients on a regular basis, it also has experience in consulting and assisting numerous international clients with utmost care and attention throughout their legal troubles.  For queries or legal assistance, please reach us at:

 E-mail:tahmidur@counselslaw.com
Phone:+8801727983838

Address: House 39, Road 126 (3rd Floor) Islam Mansion, Gulshan 1, Dhaka.

 

Have a Different Question?

Email us anytime : tahmidur@counselslaw.com

Or call — +8801727983838

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NGO and INGO Registration Procedure in Bangladesh

NGO and INGO Registration Procedure in Bangladesh

NGO registration in Bangladesh- A complete guide in 2020- Everything you need to know

Tahmidur Rahman, Senior Associate, Counsels Law Partners

2 Jan 2020

This post in details will explain in details about NGO and INGO registration in Bangladesh, the timeline, the concerns and types of NGOs , NGO’s Affairs Bureau,  key parts of the Foreign Donations (Voluntary Activities) Regulations Act, 2016 (FDRA) Act, and the compliances to maintain with Joint Stock Companies and Firms, Department of Social Services with clear directions and infographics.

NGO’s in Bangladesh

Non-governmental organizations (NGOs) play an significant role in developed countries ‘ economic growth. They provide services to society through community development welfare work, national disaster assistance, sustainable system development, and grassroots movements. They are taking numerable steps to improve our community.

With the record of being the most densely populated nation on earth and a poor workforce, Bangladesh faces a huge challenge to meet the demands of its ever-increasing population.

For coping with such population, Organisations are working as the foundation of society. There are several types of organizations, but under the main heading, they can be categorized into three parts:

  • Government organisations, 
  • private organizations and 
  • non-governmental organisations. 

NGO’s have a positive outlook to the society compared to two other wings of the societal organisations. Many activists also dream of making their own NGO to improve society, but by no way build a child’s play. Now, to grasp the whole premise, we will need to recognize a few things.

What is an NGO?

The Non-Governmental Organization is a legal body that is not a direct member of the government, independent of government power, and not a direct political competitor.

Generally, NGOs are set up by a group of people who aim to create a positive difference in society. They raise money from different donors around the world and try to fulfill their mission. NGOs may be of different kinds, such as zoning, state, international, etc.

The NGO was first formally visualised in Article 71 of the Charter of the United Nations, which states: ‘The Economic and Social Council may make appropriate arrangements for consultation with non-governmental organisations.’

A non-governmental organization is a legal body that is not a direct part of a government, independent of government control, and not a direct political competitor.

Differences between an NGO and other organisations

In Today’s world, modern organisations are very nuanced in terms of thoroughness, for example, NGOs are working with the government, and some of them are also binding.

So things blur time to time, in general, NGO’s are considered to be non-profit, non-government-dependent, and to serve their specific function, but they may be a helping hand of the government, collect money, and make profit in order to fulfill their function.

They may not abide by company law or business law, but may be interested in the business as a separate agency of a related NGO. So close observation is required on both the de facto and the de jure activities of the NGO.

Thus, it can be inferred that the process of creation, the mission and the activities of an entity are the final proof that it is an NGO; that it must not be a completely viable business agency, or that it must serve the purpose of its constitution and function accordingly to the part of the government under which it operates for government purposes.

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Conventional NGO programs in Bangladesh

 On the basis of funding, we can further extend the scope of NGOs, such as locally sponsored, government-funded, foreign government-supported, national and international organizations. NGOs conventionally cover a wide range of sectors.

Typical NGO and INGO programs in Bangladesh are:

  • BINGO: business-friendly international NGO (example: Red Cross)
  • ENGO: environmental NGO (Greenpeace and World Wildlife Fund)
  • GONGO: government-organized non-governmental organization (International Union for Conservation of Nature)
  • INGO: international NGO (Oxfam)
  • QUANGO: quasi-autonomous NGO (International Organization for Standardization [ISO])

    In addition to that the other general scopes are:

  • Human Rights
  • Woman Rights
  • Humanitarian Situation
  • Health issue
  • Education Sectior
  • Responding to health crises
  • Environmental issues
  • Economic programs
  • Skills development
  • Local development
  • Addressing Social issues
  • Religious perspective ( support and help)
  • Research purpose
  • Survey and Study

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  • Step by Step Process of Registering a Company in Bangladesh

How to register an NGO in Bangladesh?

To get an NGO or an INGO registered in Bangladesh or an organization willing to operate or obtain foreign funding for the purpose of undertaking or carrying out any voluntary operation, it is imperative that such an organization be registered with the authority concerned and comply with the Government’s requirements.

According to the laws of Bangladesh, the term “voluntary activity” can be specified as “an activity undertaken or carried out by any person or organization of his or her own free will to provide agricultural, relief, missionary, educational , cultural, vocational, social, welfare and development services, and includes any activity that the Government can, from time to time, consider to be a Voluntary activity.”

 

NGO and INGO registration in Bangladesh

Any entity whose activities fall within the ambit of the definition mentioned above needs to have it registered to carry out its operation in Bangladesh.

In order to register an International Non-Government Organization (INGO) or local based Non-Government Organization (NGO), an application needs to be filed with the concerned authority. 

The NGO Affairs Bureau (NGOAB) (which is under the Ministry of Social Welfare of Bangladesh) and the Ministry of Home Affairs shall be the relevant authorities in Bangladesh in this regard.

However, for example the Ministry of Health & Family Welfare or Ministry of Disaster Management and Relief or any other relevant authority which administers the entity’s activity shall also play a vital role. 

An NGO in Bangladesh can be registered in three ways: 

A. Under NGO Affairs Bureau 

B. Under the Department of Social Services (DSS)

C. Under Joint stock companies and firms

 

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Process of NGO registration Under NGO Affairs Bureau in Bangladesh

Firstly, the registration of the INGO or the NGO must be carried out by the body of the NGOAB concerned. Application in the specified form shall be made to the NGOAB along with payment of the required fee and all related documents such as operation report, letter of intent, constitution, copy of the Treasury Challenge with respect to payment of registration fees, etc.

Upon submission of the application to the NGOAB, it shall be forwarded to the Ministry of Social Security and also to the Ministry of Home Affairs for review and inspection of the documents submitted.

Upon receipt of the papers, the Ministries concerned shall nominate the Special Branch of Police and National Security Intelligence to carry out a security check on the applicant and on such a matter of inspection as clearance forwarded to the Ministry of Home Affairs, provided that the approved bodies are pleased with their enquiries.

Once the approval has been issued to the NGOAB, it shall continue with the audit and final inspection of the documents. Acted mainly under the International Donations (Voluntary Activities) Regulations Act, 2016 (FDRA); to register an NGO, certain tasks must be completed; (as stated in section 4 of the FDRA) :

 

  • FD-1 Form (signed by Chief Executive in Bangladesh) – 9 copies
  • Certificate of incorporation in the Country of origin – 3 copies
  • Constitution – 4 copies
  • Activities Report – 6 copies
  • PIan of Operation (Work/Organogram) –  4 copies
  • Decision of the committee/ Board to open an office in Bangladesh – 4 copies
  • Letter of Appointment of the Country Representative – 4 copies
  • Copy of Treasury challan in support of depositing 50000 Taka for local NGO and USD $ 9,000 or Equivalent TK amount for foreign NGO in the Code 1-0323-0000-1836 and 15% Vat Code No (1-1133-00 35 -0311)  – 3 copies
  • Deed of agreement stamp of TK.300 with the landlord in support of opening the office in Bangladesh – 3 copies
  • List of Executive Committee (foreign) –  4 copies
  • Letter of Intent – 5


Note: AII documents from abroad should be notarized by Justice of peace or attested by Bangladesh Embassy.

NGO registration in Bangladesh_How to register a NGO in Bangladesh

Foreign Donations (Voluntary Activities) Regulations Act, 2016 (FDRA)

As per, Foreign Donations (Voluntary Activities) Regulations Act, 2016 (FDRA), under section 2(1) and foreign donations under section 2(5) which is very important to operate an NGO in Bangladesh.

 

  • Section 3 of the Act made it necessary for NGOs to register where there is some international transaction. This act shall take precedence over all other current and relevant legislation.
  • Officials are to verify documents and authorize the NGO for a term of 10 years. It must be re-submitted in order to renew period 6  months before the end of the 10-year term. It placed certain barriers under section 5 to accept donations from certain individuals.

    Section 6 stipulated that the appointment of International Consultant, Advisor or Officer and International Tours must be notified by the Government of their security clearance.

  • Section 9 for the management of the account of foreign donations, as well as for each NGO and person, shall maintain its accounts in the specified manner and prepare an annual statement of accounts; (section 12) for the approved audit firms.
  • Section 10 empowers the Government to carry out surveillance, monitoring and analysis of every NGO.
  • Under section 15 the Act said if any NGO violates this law or any law of Bangladesh the can take appropriate action against that NGO.

Registration of NGO under the Department of Social Services (DSS)

This is done under the Ministry of Social Welfare The application process is simpler here as the online application system is available and the processing period is estimated to be about 7 months long [further verification needed]. But catch registration with DSS only allows you to work in Bangladesh only does it not allow you to receive foreign donations. Follow this link for more information and procedures. The main legal instruments are as follows:

1) SOCIAL WELFARE Organizations VOLUNTARY (REGISTRATION AND CONTROL) ORDINANCE, 1961
2) স্বেচ্ছাসেবী সমাজকল্যাণ সংস্থাসমূহ (নিবন্ধন ও নিয়ন্ত্রণ) বিধি ১৯৬২

Registration of NGO through RJSC in Bangladesh

Registration with RJSC is a more formal approach towards registering an NGO in Bangladesh, but often deemed as more desirable because it offers:

1) Quicker response time for applications
2) Smoother application process;

First, you need to get a name clearance like a company name clearance. The next step in the process is the actual application for registration of the entity. This request must be submitted on paper along with all the necessary documentation (and the approval of the name clearance). Later, the Intelligence Department will have a check-up and send a report to RUSC. That’s it.
The procedure is based on the SOCIETIES REGISTRATION ACT of 1860.

“As per, Foreign Donations (Voluntary Activities) Regulations Act, 2016 (FDRA), under section 2(1) and foreign donations under section 2(5) which is very important to operate an NGO in Bangladesh.”

 

NGO registration in Bangladesh_NGO and INGO in Bangladesh

Frequently Asked Questions about NGO and INGOs in bangladesh

In regards to NGO registration in bangladesh people also ask these questions frequently, hence this FAQ content block is dedicated to answering your questions.

General Questions about NGO registration in bangladesh

What is the rule of a NGO?

Every NGO in Bangladesh is legally mandated to document the Memorandum of Understanding. It includes the name and address of the NGO, the mission and goals, specifics of the governing body, information on human resources and personnel, rules and regulations, administrative laws and procedures.

How many NGO's are there in Bangladesh?

3000+.

Currently, approximately 3000+ (including local and international) NGOs are registered under the legislation of Goverment of Bangladesh. A total of 240+ foreign Non-government organizations (NGO) of 30+ countries have been operational in the country

Which is the biggest NGO in Bangladesh?

Based on the number of employees, BRAC is considered as the largest NGO (non-governmental development organisation) in the world not only in Bangladesh! 

What is the model NGO guide?

United Nations Model NGO Guide. Since the founding of the United Nations, NGOs have been core members of the policy and implementation process. NGOs or non-governmental organizations are non-profit organisations focused on humanitarian, human rights and sustainable development issues around the world.

How many members there should be in my NGO?
Conventionally there shhould atelast be 7 members . There is no upper limit on the number of members of the group. These members have different designations which can be determined between them.
What is the head of an NGO called?

The Board of Directors of the NGO is at the top. The NGO Board is a legal requirement in most countries to be formally registered with local authorities. Most NGOs stipulate that membership of the Board is voluntary and non-remunerative. Board meetings shall be held closed, while written processes, reports and minutes may be made available for the purposes of accountability.

Who are considered as top managements of a NGO?

The top management of an NGO consists of three entities –

  • the Board of Directors,
  • the General Assembly, and
  • the Executive Director. 
Who are responsible for the day to day functioning of an NGO?

The staff members of the NGO shall be responsible for the day-to-day operation and execution of its programs and projects. They report to the Executive Director, who is ultimately responsible for the operations of the NGO. (See Figure 3) The staff members of the NGO fall into three groups-responsible for activities related to (1) management, (2) advertisement and (3) programs / projects.

How do NGO's get funding in Bangladesh?

NGOs in Bangladesh may receive, coordinate and collect funds through a variety of sources, procedures, initiatives, ventures and activities: grants through funding agencies through ventures. Grant from the International Development Agency and   Fund Raising from the Corporate Department under the CSR.

What are the differences between a NGO and a Non-profit?

The NGO is a non-governmental organisation. A non-profit organization uses the excess funds for the benefit of the organization, rather than splitting them between the members and the owners of the company. Examples of NPOs are performing arts organisations, trade unions and charities.

NGO and INGO registration at Tahmidur Rahman CLP:

The legal team of Tahmidur Rahman, Counsels Law Partners CLP are highly experienced in providing all kinds of services related to registering NGO, non profit and charitable trust in Bangladesh . For queries or legal assistance, please reach us at:

E-mail: tahmidur@counselslaw.com
Phone: +8801727983838

Address: House 39, Road 126 (3rd Floor) Islam Mansion, Gulshan 1, Dhaka

 

Have a Different Question?

Email us anytime : tahmidur@counselslaw.com

Or call — +8801727983838

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Charter Party shipping contract in Bangladesh at 2020: Complete guide

Charter Party shipping contract in Bangladesh at 2020: Complete guide

Charter Party shipping contract in Bangladesh at 2020: A Complete guide

Tahmidur Rahman, Senior Associate, Counsels Law Partners

2 Jan 2020

This post in details will explain in details about charter party shipping contract in Bangladesh. The Charter Party Shipping Contract is very important for all Admiralty and Maritime personnels, investors and to all those interested in this business. Parties to the Charter Process must be vigilant while drawing up such an agreement. The charter party must represent the interests of the parties and be free from ambiguity and confusion. This article offers an description of the general terms and conditions of the Charter Group Agreement.

What is Charter and Charter Party?

 

In shipping it is often referred to as being on charter when a ship is contracted. The ship’s owner is always referred to as the owner and the charterer is referred to as the one who hires the ship or space thereof. The instrument of agreement is called the “charter party,” generally referred to as C / P.

There are common models for different types of charter developed by various foreign trade organizations and chambers of commerce including the ICC, BIMCO and the Baltic Exchange. C / P is usually drawn by mutual agreement (ship-owner and charterer or their agents) to separate clauses in each of the particular types with special conditions or exception / exemption indicated by lines.

Conventionally there are three major types of charter:

  1. Demise or Bare-boat charter
  2. Time charter
  3. Voyage charter

 

What is a Charter Party Shipping Contract?

 

The charter party is a contract document by which the shipowner agrees to lease, and the charterer agrees to hire, a vessel or all cargo space, or part of it, on the terms and conditions of the charter party.

If this is permitted under the terms of the charter party, the charterer may do so, enter subcontracts with other shippers. If your vessel is chartered, it is of the utmost importance that you read the charter party carefully, in particular the added clauses, until it is fully understood. It is advisable for the officers to read it as a matter of information and instruction, and it will do no harm to discuss it with them, in particular with the Chief Officer.

Charter Shipping contract in bangladesh_best cargo contract law firm in bangladesh

Types of Charter Parties in a shipping contract in  Bangladesh

 

Bare Charter or Demise:

 

Charter of the Bareboat Party. The shipowner, by this type of charter
Leases his entire vessel, and the charterer is responsible for
Operating it as if it were his own vessel. 

The charterer operates the vessel (in lawful trade) in a manner as if s/he is the owner. The charterer can even put his/ her own marking on the funnel.

However, the charterer can not raise any cash / finance against the ship because he / she is still not the owner of the ship. Some countries also allow the registration of a ship under bare-boat charter for the charter period or if the C / P leads to the eventual sale of the ship to the charterer.

However, the C / P must have a clause allowing the charterer to register a ship under a different flag for the charter period. Obviously, the administration of the bare-boat registry will seek the consent of the primary registry before the vessel is registered under the bare-boat registry. (Charter Shipping contract in bangladesh)

 

Time Charter:

The ship is chartered for a specific period , say about six months to one year, at a fixed rate (usually a daily rate) with the option of extending the period to complete the voyage. The Charter may be renewed or extended for a further period of time on mutual consent.

Charter hire is usually paid in advance, say about 15 or 30 days at a time. The owner keeps the master and the crew and keeps paying their wages.

The owner continues to pay for the insurance (hull and machinery and crew P&I). The charterer may take advantage of the P&I coverage for freight or other claims. There are special P&I charter clubs to provide coverage of the charterer ‘s requirements. (Charter Shipping contract in bangladesh)

Voyage Charter:

It is, in fact, an agreement between the owner (carrier) and the charterer (shipper) to transport a certain quantity of cargo from point A to point B at the agreed rate of freight per ton. It usually refers to a quantity with a + /-2 per cent option for either party.

The ship will serve the “Notice of Readiness” upon arrival at the loading port when it is ready for loading. If it is on liner terms, the owner (carrier) uses stevedores at both ends and pays for them.

However, the charterer must deliver the cargo to the loading hook and away from the hook at the discharge port. In most travel charters, however, loading and unloading is done by the charterer. (Charter Party Shipping contract in bangladesh)

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What are the terms to be present in a Charter Party Shipping Contract?

 

If applicable, these are the terms that should be present in a Charter Party shipping contract.

  • Name of the Vessel: The name must be mentioned in the Charter Shipping contract.                
  • Charter Period: The period of the voyag
  • Lay days/Cancelling: This term must include the Commencement date of the  voyage and the Cancelling date. 
  • Place of Delivery: The port of destination must be mentioned here. 
  • Cargo history: The previous history of the cargo need to mention before the  voyage starts.
  • Place of Re delivery: if applicable
  •  Bunkers on Delivery and Re delivery: if applicable
  • Rate of Hire: The rate of hire and the overtime hire rate must be mentioned in the Charter Party Shipping contract in bangladesh.
  •  Owners’ Payment Details: Owner’s bank details must be provided.
  •  Bunker Specifications: A detailed specification of the bunker must be provided.
  • Product description: A detailed description of the products along with the amount of products
  • Trading Limits: The limits of the voyage must be clearly mentioned so that the vessel does not depart from the original route.
  • Additional Clauses: Any other additional clauses as demanded by the ship owner or the investors in a Charter Party Shipping contract in bangladesh.
Charter Shipping contract in bangladesh_Contract terms Bangladesh

Additional clauses that also should be present in a shipping contract in  Bangladesh

  1. SPEED OF THE VESSEL: Permitted speed of the vessel along with route must be inserted in the Charter Party Agreement.
  2. CARGOES: Permitted items as well as the capacity of the items in cargo must be mentioned. The consequences of carrying illegal items in the cargo should also be declared.
  3. Payment: It must be mentioned when the payment must be made and also when the advanced payment has to be made. The consequence of failure to pay must also be mentioned.
  4. OWNERS’ OBLIGATIONS: A detailed list of the obligations of the shipowner must be mentioned.

  5. CHARTERER’S OBLIGATIONS: A detailed list of the obligations of the charterer must be mentioned.

Additional terms in a Shipping contract in Bangladesh

 

  1. MASTER AND CREW: The powers, rights and obligations of the master and crew.

     

  2. LIEN: It must be noted that all freight, hire, sub-hire, freight and sub-freights shall be liable to the Owners for any amounts owed by the Charterers.

     

  3. PERFORMANCE OF VESSEL: Owners warrant that the vessel is and remains capable of maintaining, throughout the Charter period, speeds and bunker consumption for propulsion under normal working conditions and in moderate weather conditions.
  4. OFF-HIRE: It must be mentioned that the Vessel shall be off hire on each and every occasion that there is a loss of time arising out of or In connection with the Vessel being unable to comply with Charterers’ instructions (whether by way of interruption or reduction in the Vessel’s services, or in any other manner).
  5. SUB-LET: Charterers will not sub-let the Vessel without prior written permission from the Owner.

Further Important Terms of shipping contract in Bangladesh

  1. VESSEL/CARGO INSPECTIONS/BUNKER SURVEYS: 

    It must be noted that charterers are entitled, at their own time and expense, to cause their representative (which includes any independent surveyor appointed by charterers) to carry out inspections of the vessel and/or to observe the cargo operations and/or to ascertain the quantity and quality of the cargo, water and residues on board, including the collection of cargo samples, inspection and copying.

     

  2. OUTBREAK OF WAR:

    Either party should be allowed to cancel the Agreement on the outbreak of war or hostilities during the period of the Charter Party.

  3. DAMAGE:

    It has to be clarified who bears responsibility in the event of accident, danger, damage or disaster before or after the commencement of the voyage.

     

  4. LAW:

    It must be mentioned which law governs the Charter Party Agreement and where the dispute will be resolved.

Charter Shipping Contract in Bangladesh_Best law firm in Dhaka

Frequently Asked Questions about Charter Shipping contract in bangladesh

In regards to Charter Shipping contract in bangladesh people also ask these questions frequently, hence this FAQ content block is dedicated to answering your questions.

General Questions about Charter Shipping contract in bangladesh

What is charter party in shipping?

Charter party, contract by which the owner of a ship allows it to be used by others for the transport of a cargo. The shipowner continues to control the navigation and management of the vessel, but the charterer is responsible for its carrying capacity.

Is Charter Party a contract of carriage?

A charter party (sometimes a charter party) is a maritime contract between a shipowner and a charterer to hire either a passenger ship or a cargo ship or a pleasure yacht. The charter party is a contract for the transport of goods in the case of the employment of a tramp.

What are the types of Charter Parties?

There are three major types of charter parties: i) Voyage charter parties, ii) time parties, iii) bare boat parties.

What are the basic terms of a voyage charter party?
  • expected date of readiness to load
  • identity of parties
  • identity of vessel
  • warranty of seaworthiness 
  • present position of vessel 
  • obligation to proceed to loading port or place
  • identity of and safety of loading port or place
  • amount and nature of cargo to be loaded
What are the differences between voyage and time charter party?

A voyage charter is to hire a vessel and a crew to move between a load port and a discharge port. Time charter is the hiring of a vessel for a fixed period of time; the owner still owns the vessel, but the charterer chooses the ports and guides the vessel where to go.

What is the difference between Charter party Bill of Lading and Marine Bill of lading?

Differences Between the Charter Party Bill of Lading and the Marine Bill of Lading: Charter Party Bill of Lading includes a rule specifying that it is subject to a Charter Party. The Marine bill of charge does not contain such a clause or a similar wording.

How to find the Charter party in a bill of lading?

Charter party bill of lading is another form of bill of lading used in the maritime mode of transport. If a shipper or group of shippers arranges for their goods to be chartered to their final destination, a vessel shall be chartered. This chartered vessel is intended to carry the goods solely for certain shippers or shippers.

What is Laytime in Charter Shipping contract?

Legislation can be specified as the amount of time permitted for a ship in a charter for the loading and unloading of cargo at a port. If the ship fails to complete the work within this allocated time and the ship is forced to remain at the port for a longer period of time, then the ship owner will be liable to demolition (fine).

What is freight payable in a Charter party?

“Freight” means the remuneration owed by the charterers to the owners for the performance of the contract. In the contract, it may be referred to as charter party freight. “Freight” is always payable in part in advance under the terms of the charter party, e.g. on loading or on the issue of bills of lading.

Charter Party Shipping Contract at CLP:

The legal team of Counsels Law Partners CLP are highly experienced in providing all kinds of services related to Admiralty and Maritime legal services. For queries or legal assistance, please reach us at:

E-mail: tahmidur@counselslaw.com
Phone: +8801727983838

Address: House 39, Road 126 (3rd Floor) Islam Mansion, Gulshan 1, Dhaka

 

Have a Different Question?

Email us anytime : tahmidur@counselslaw.com

Or call — +8801727983838

Tahmidur Rahman | Law Firm in Dhaka

Affiliated with Counsels Law Partners, A full service multi-directional law firm in Dhaka.

© 2018-2020 Tahmidur Rahman Matte IT Ltd.

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Branch office registration in Bangladesh | Step by step process of setting up a branch company

Branch office registration in Bangladesh | Step by step process of setting up a branch company

Branch office registration in Bangladesh | Step by step process of setting up a branch company in Bangladesh

Tahmidur Rahman, Director and Senior Associate

11 Nov 2019

This post in will explain in details about Branch office registration in Bangladesh – This article will explain the step by step process for setting up a branch office in Bangladesh.  In addition, people want to know the required cost and documents for a branch office registration in Bangladesh. This article will explain everything you need to know about branch office with directions and infographics.

 

How to open a branch office in Bangladesh?

A branch serves as an extension of its parent company, meaning, there will be no separate legal entity established. Its parent company is liable for the branch office’s debts or any other obligations and activities.

No operation in Bangladesh that is not expressly authorized by BIDA can be conducted by a Branch Office. A Branch Office is also expected to register with the Joint Stock Companies and Company Registrar and to comply with other legal formalities prescribed by the Companies Act 1994.

A Branch Office offers the advantages of ease of service and uncomplicated closing. Nevertheless, as the operations are strictly controlled by the guidelines for exchange control, a Branch May may not provide the best framework for its expansion / diversification plans to a foreign firm.A foreign company’s branch office can engage in commercial activities with prior BIDA approval. A branch office may have a local source of revenue from the approved business sector in Bangladesh and with the prior approval of the Inter-Ministerial Committee and sufficient justification and supporting documentation.

 

Allowed activities of a Branch office in Bangladesh

One of the major differences between a branch and a liaison / representative office is that a branch may engage in commercial activities with a prior approval from the Bangladesh Investment Development Authority (BIDA). The branch office, for example, can:

 

  • collect payments on behalf of the parent company
  • have local sources of income
  • make outward payments from Bangladesh with a prior approval from the BIDA

 

Documents to submit in BIDA for a Branch office in Bangladesh

A Branch or Liaison Office is a proper legal body in Bangladesh once it is registered with the BIDA. It is called a multinational company extension, and not a separate legal entity. Unlike a Bangladeshi subsidiary, a Branch or Liaison Office parent company is indirectly responsible for all branch or liaison office debts and liabilities.

As per the guideline of BIDA, following papers/documents are required for application for opening of branch office. (4 copies of all documents).

1. Application in prescribed form signed by the authorized person for establishment of Branch office registration in Bangladesh.

2. Memorandum and Articles of Association and Certificate of Incorporation of the principal/ parent company. (Attested by the concern Bangladesh Embassy)

3. Name and nationality of the directors/promoters of the principal company. (Attested by the concern Bangladesh Embassy)

4. Audited Accounts of last financial year of the principal company. (Attested by the concern Bangladesh Embassy)

 5. Company’s board of director’s resolution regarding opening of office in Bangladesh. (Attested by the concern Bangladesh Embassy)

6. Proposed organogram of the office showing the posts to be occupied by both expatriates and local personnel.

7. Furthermore, Details of activities to be performed through the proposed branch/liaison/representative office in Bangladesh.

8. Finally, Any other documents BIDA, may ask for after primary reviewing

In addition, you must translate any documents that are not stated in English before submission. (Branch office registration in Bangladesh)

Inspection of the Documents by the BIDA

When the documents are issued, they will be thoroughly reviewed by the BIDA Inter-Ministerial Committee. When the committee is content with the verification then they may give the approval or can obtain additional documentation. Hence it is important to carefully prepare the papers.

 

Time and governments cost for approval

The average time needed for submission and getting the approval is one month. However, BIDA may seek physical representation of the documents as such this may make the process lengthier. (Branch office registration in Bangladesh.)

 The government cost for getting the approval from BIDA is USD 300 (three hundred dollar)

Branch office Registration in Bangladesh_best law firm in Dhaka tahmidur rahman

“Counsels Law is Considered as one of the leading firms in Company Law in Dhaka, Bangladesh”

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Step two- Opening Bank Account to set up branch office

Following approval from BIDA, the next move is to open a Bangladesh Bank Account. It is because while no minimum paid-up capital is needed for the establishment of a branch office, a remittance of US$ 50,000 must be deposited within 2 ( two) months from the date of issuance of the BIDA letter of authorisation. (Branch office Registration in Bangladesh ) 

a) Documents

The documents required for opening bank account are:

  1. BIDA permission letter
  2. Draft Article and Memorandum of Association
  3. in addition, Passport of the bank account signatory (if foreign nationals) and
  4. lastly, NID (if Bangladeshi national)

Step 3- Bangladesh Bank approval

Also in regards to Branch office registration in Bangladesh, Parliament of Bangladesh revised the 1947 Foreign Exchange Regulatory Act. Now, however, Bangladesh Bank’s criteria for 18B approval has been withdrawn. In addition, according to the amendment, the branch office will report to the Bangladesh Central Bank after receiving approval from BIDA. Such a report with 30 ( thirty) days to approve should be made.

How to get a Trade License in Bangladesh?

Click here and go to the post, Tahmidur Rahman speaks in details about Trade License in Bangladesh | Fees, Processing and Renewal!

Step 4- Registration with RJSC for Branch office

 

After obtaining approval from both Bangladesh Bank and BIDA, registration with the RJSC is required. The following documents will be required for this purpose (for Branch office registration in Bangladesh):

 

 a) Documents:

 

  • BIDA and Bangladesh Bank approval letter
  • Certified copies of the Memorandum of Association and Articles of Association
  • Full address of the registered or principal office of the company
  • List of the directors and secretary (if any) of the company
  • in addition, the name and address of a Bangladeshi who may represent the company in processing and accepting documents and
  • The full address of the office of the company in Bangladesh

 

Step five: Obtaining Trade License from the Local City Corporation

In order to get trade license an application need to be made to the concerned city corporation. Along with the application, the following information and documents need to be submitted:

a) Documents

  • Photocopy of AOA and MOA
  • Photo of Managing Director or Chairman
  • TIN of the branch office
  • in addition, Rental agreement of the office and
  • lastly, Nature of business

b) Time

It usually takes 3 to 4 working days to get a trade license. In order to know more about how to get trade license in Bangladesh.

c) Cost

The government for trade license is USD 100 (hundred dollar).

Step six: Income Tax Registration & VAT Registration for the branch office in Bangladesh

After setting up the branch office, it is important that the branch office has a unique Business Identification Number (BIN) to carry out normal business operations in Bangladesh. Therefore a VAT registration certificate must be obtained from the Department of the National Revenue Board (NBR) to obtain a business identification number. It’s free to register for the VAT registration.

a) Documents 

  • TIN Certificate
  • Trade License
  • Import / export Registration certificate
  • Furthermore, Passport sized photos
  • Deed of Agreement
  • Bank solvency certificate
  • in addition, BOI registration and
  • lastly, Memorandum and Articles of Association

 

In order to carry out normal business operations in Bangladesh after setting up the branch office, it is essential that the branch office has a unique Business Identification Number (BIN). Therefore, to get a Business Identification Number, a VAT registration certificate need to be obtained from the Department of the National Board of Revenue (NBR).

Branch office Registration in Bangladesh_Tahmidur rahman_ best company law firm in Dhaka

Can a foreign employee be employed in Branch office?

 

Sponsors may apply for Private Investors Visa. Foreign employees can appointment. Appointment can be made by foreign employees.  International workers need to get a work permit to be able to operate in Bangladesh.  This is a multiple entry visa and it is only valid for 3 months but can be extended later.

A branch manager may be a foreigner but he / she should be a Bangladesh citizen.  Remember also that a cap of 5 percent (five percent)  of foreign employees in a branch is restricted by Bangladeshi law. In addition, it should be noted that as per the Bangladesh Investment Development Authority Handbook 2011, the
current maximum ratio of foreign to local employees is 1:5 for commercial offices and 1:20 for industrial enterprises. (Branch office Registration in Bangladesh)

 

Mergers and Acquisitions in Bangladesh _Top law firm in Bangladesh

Validity Period of Approval of Branch office registration in Bangladesh

The approval is usually provided to establish a branch for a period of three years and it has to be extended/ renewed. You have to apply for renewal or extension at least 2 (two) months  before the expiry of the current term.

 

Capital requirement for branch office registration in Bangladesh

There is not minimum capital requirement in Bangladesh for branch office. However, there is a requirement for a minimum of US$ 50,000 inward remittance for registration of branches offices in Bangladesh as this inward remittance should cover the cost of initial establishment and six months’ expenses for operation.

 

Time period to set up or a  branch office registration in Bangladesh

To set up a branch office in Bangladesh, conventionally it takes from 60 days (sixty) to 90 days (ninety) in total.  Other formalities are consequential and will take about 2 weeks.

“Sponsors may apply for Private Investors Visa. Foreign employees can appointment. Appointment can be made by foreign employees.  International workers need to get a work permit to be able to operate in Bangladesh.  This is a multiple entry visa and it is only valid for 3 months but can be extended later.”

 

If you want to know how to open a company in Bangladesh or about company formation click here!

  • Step by Step Process of Registering a Company in Bangladesh

Business activities of a Branch office in Bangladesh

Branch office does not have its own independent legal body. This is because it functions as an extension of its parent company. Hence the parent company is entirely responsible for its branch office ‘s operations, debts and responsibilities.

Unlike liaison office, a branch office can engage in commercial activities. However, in order to do so, prior approval from the Bangladesh Investment Development Authority (BIDA) is required.

Activities that a Branch office can engage in are:

  1. Payment collection on behalf of the parent company
  2. Local sources of income for the branch office
  3. in addition, Make outward payment from Bangladesh (with approval from BIDA)

 

Compliances to maintain as a branch office in Bangladesh

 

In the approval letter issued by BIDA, the activities of a Branch office shall remain confined to the areas and for the time specified and authorized. Unless the organization wishes to extend its Office past the approval period, they will have to apply for the required renewal / extension in the specified form with correct documentation at least 2 ( two) months prior to the expiry of the current term. In addition to that the Branch office should also maintain the following compliances:

  • Quarterly return of incomes and expenditures out of remittances received from abroad shall have to be submitted to the BIDA, concerned Bank, National Board of Revenue and Bangladesh Bank with documentary evidences under circular No 01/2009 amended circular No 03/2009 of 30th July, 2009.

     

  • Any change(s) of present address shall be intimated to the BIDA for necessary action and approval before the proposed change is carried out.

  • The permitted Office shall have to obtain clearances/ licenses from the concerned government agencies, as and where required, under the existing rules of the country.

     

  • The permitted Office shall have to pay duty/income tax/VAT/revenues and other taxes payable to the government under the existing laws of Bangladesh.

 

Company Law practice in Counsels Law Partners 

The Barristers, Advocates, and lawyers at CLP Law chamber in Gulshan, Dhaka, Bangladesh are highly experienced at assisting clients in dealing with and registering branch offices in Bangladesh.   For queries or legal assistance to set up a branch office in Bangladesh, please reach us at:

E-mail: tahmidur@counselslaw.com
Phone: +8801727983838
Address: House 39, Road 126 (3rd Floor) Islam Mansion, Gulshan 1, Dhaka.

 

Branch office Registration in Bangladesh_Tahmidur Rahman_corporate branch office registration in Bangladesh

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Immigration and Citizenship laws of Bangladesh | Work permit and All visas

Immigration and Citizenship laws of Bangladesh | Work permit and All visas

Immigration and Citizenship in Bangladesh| All types of visas, work permits and everything  you need to know.

Tahmidur Rahman, Director and Senior Associate

20 Oct 2019

Immigration and Citizenship in Bangladesh- This post in will explain in details the  Immigration Law in Bangladesh: Business & Work Permit Visa,  Government Delegate visa, BIDA guidelines, FE visa, investor visa, tourist visa – everything you need to know about immigration law in Bangladesh.

     

    Immigration in Bangladesh

     

    Immigration and Citizenship in BangladeshImmigration is a process of people traveling or moving from one destination to another and becoming permanent residents or citizens of another State for employment, marriage or settlement, whether legally or illegally. Traditionally, the immigration process has been of great political, economic , and cultural benefit to States. As people cross national frontiers during their migration, they are called refugees from the point of view of the country they enter. On the other hand, from the perspective of the country they leave, these migrants are termed emigrants.

    Bangladesh has recently gained considerable worldwide attention due to its booming business and growing economy. As well as Bangladesh ‘s easy immigration law , foreign people from all around the globe have been inspired to stay there and continue their business. Many foreign nationals have attracted this to pursue jobs in Bangladesh or to invest in Bangladesh. This article provides an overview of Immigration and Citizenship in Bangladesh and the different schemes and procedures to be followed in Bangladesh for obtaining citizenship or a visa.

     

    Step by step process of Obtaining citizenship in Bangladesh

     

    In regards to Immigration and Citizenship in Bangladesh, most nationals require a valid visa to enter Bangladesh. Type, visa category, and length of stay are determined / confirmed by the Embassy. The type and category of visa will differ depending on the intent of the visit, the duration of stay and bilateral agreement with the foreign national ‘s country. Any amendments made by the Government of Bangladesh to the rules and regulations will apply to issuing visas.

    But in regards to citizenship procedure in Bangladesh, A person who has resided in Bangladesh for 4 ( four) years during the last seven (seven) years can apply for Bangladesh citizenship. 

    Bangladesh’s nationality law regulates the citizenship and nationality problems of the People’s Republic of Bangladesh. The law governs the status of nationality and citizenship of all people born in Bangladesh, as well as of all persons of Bangladesh descent. This helps the children of expatriates, foreigners as well as Bangladesh residents to evaluate their citizenship status and to apply for and receive Bangladesh citizenship if appropriate.

    In regards to Immigration and Citizenship in Bangladesh, the primary legislation relating to Bangladesh citizenship is the 1951 Citizenship Act, originally the 1951 Pakistan Citizenship Act, later modified by a series of statutory orders passed by the Bangladeshi Government.

     

    Requirements of obtaining a citizenship in Bangladesh

     

    In order to get citizenship well within the framework of Bangladesh’s immigration law, the applicant has to fullfill the following( Immigration and Citizenship in Bangladesh):

     

    • (a) That he is not a minor

       

    • (b) That he is neither a citizen of [Bangladesh] nor a subject of any state of which a citizen of [Bangladesh] is prevented by or under any law from becoming a subject by naturalization;]

       

    • (c) that he has resided in [Bangladesh] throughout the period of twelve months immediately preceding the date of application, and has, during the seven years immediately preceding the said period of twelve months. Resided in [Bangladesh] for a period amounting In the aggregate to not less than four years;

       

    • (d) That he is of good character;

       

    • (e) That he has adequate knowledge of the [Bengali] language; and

       

    • (f) That he Intends, if the application is granted, to reside in [Bangladesh] or to enter or continue in the service of the [Republic] in [Bangladesh].

    Obtaining a certificate of Naturalization

     

    If the above conditions are met, then the person seeking Immigration and Citizenship in Bangladesh must apply to the appropriate government authorities in Bangladesh for a Certificate of Naturalization.
    Any application for a Naturalization Certificate shall be in writing and shall state to the best of the applicant ‘s knowledge and belief-

    • (a) His age
    • (b) His place of birth;
    • (c) His place of residence.,
    • (d) His profession, trade or occupation
    • (e) Full particulars regarding his qualification;
    • (f)Whether he has at any time previously applied for the grant of a certificate of naturalization;
    • (g)Whether any such application has been rejected
    • (h)Whether any such certificate has been granted to him; and
    • (i)Whether any such certificate granted to him has been revoked or whether he has been deprived of his citizenship.

      After receiving the Certificate of Naturalization, the applicant would be registered as a citizen of Bangladesh. ( Immigration and Citizenship in Bangladesh)

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    Government Delegate visa in Bangladesh

     

    A. Who are eligible to apply

    Government Delegates who want to visit Bangladesh for the purpose of official tour/duty/visit, they are eligible to apply for Government Delegates visa.

    B. Duration of Government Delegates visa

    Government Delegates visa may be issued for as required with single, double or multiple entries. 

    The visa applicant must obtain and fill out the application form from the Bangladesh High Commission in their respective country. The following documents must be submitted to the Bangladesh High Commission along with Visa application

    1. Print-out of duly filled-in Visa application form with applicant’s signature;
    2. 01 (one) recent passport size (45X35 mm) colour photograph with a white background;
    3. Passport (with at least for six months validity);
    4. Note Verbal from the concern Ministry mentioning the applicant’s position, duration of stay and purpose of visit in Bangladesh;
    5. Previous Passport and visa (if any) along with a photocopy.

    Business visa in Bangladesh

    The applicant should apply for the B visa in respect of business travel visa. The following documents must be sent to the High Commission or Embassy of Bangladesh in the respective country for obtaining a B-Business visa-

    • The completed and signed visa application form;
    • Original passport, valid for at least six months;
    • The visa processing fee;
    • Three passport-sized recent photographs;
    • Invitation letter from a business organization in Bangladesh;
    • Letter from your employer confirming your position in the company;
    • Your flight/travel itinerary;
    • A self-addressed, pre-paid special delivery envelope.

    After obtaining B visa, the visa holder can reside in Bangladesh for 180 days.

    Types of  work permit in Bangladesh

    To any foreign national pursuing jobs in Bangladesh, a work permit is compulsory. In Bangladesh, there are 3 government authorities issuing work permits.

    1. For private sector industrial enterprise, branch office and liaison office, outside of Export Processing Zone (EPZ) – Board of Investment (B01).
    2. For employment of foreign national in the EPZ – Bangladesh Export Processing Zones Authority (BEPZA).
    3. For employment of foreign national in any NGO – NGO Affairs Bureau.

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    Complete step by step process of obtaining a work permit in Bangladesh

    For any foreign national seeking employment in Bangladesh, the first move is to get a work permit to work in Bangladesh. The Bangladesh Investment Development Authority (BIDA) is the primary government authority in Bangladesh to grant work permits for foreign nationals pursuing jobs in private companies or industries or public enterprises. This government agency is the primary agency that decides if a foreigner should obtain a work permit to work in Bangladesh. For foreign nationals seeking work permit in Bangladesh, BIDA has a specified form. Please click here to download the Form.

    Necessary documents required for a work permit in Bangladesh

    The following papers/documents are required for new work permit(Immigration and Citizenship in Bangladesh)

    1. Application in prescribed form along with passport size photographs of the foreign national(s) attested by the Managing Director/Managing Partner/Proprietor/appropriate authority.

    2. Attested copy of the permission letter for Branch/Liaison Office/Company.

    3. Commercial Enterprise from the appropriate authority, if not submitted earlier.

    4. Board resolution regarding employment of foreign national(s) including salary & other benefit.

    5. Memorandum, Article of Association and Certificate of Incorporation of the Company duly signed by shareholders, if not submitted earlier.

    6. Attested photocopy of passport with arrival stamp ‘E’ type visa for employee and ‘PI’ type visa for investors.

    7. Attested copy of service contract/agreement and appointment letter, in case of employee.

    8. Attested copies of all academic, professional and experience certificate for employee (Immigration and Citizenship in Bangladesh).

    9. Paper clipping showing advertisement made for recruitment of local personnel prior to appointment of the foreign national(s).

    10. Statement of manpower showing list of local and expatriate personnel employed with designation, salary details, nationality and date of first appointment.

    11. Encashment certificate of inward remittance in favor of Liaison/Branch office for the last 2 years.

    12. Encashment certificate of inward remittance of minimum US$ 50,000 as initial establishment cost for branch/liaison offices and locally incorporated/join-venture and 100% foreign ownership companies.

    13. Up-to-date income tax certificate for branch office of the locally incorporated companies in Bangladesh.

    Guidelines of BIDA for foreign nationals

    Foreign nationals must keep in mind that BIDA strictly maintains the following guidelines:

    • Applicants of the work permit must be from a country which Bangladesh recognizes as a nation.
    • Employment of the foreign national is considered only in industrial/commercial establishments which have been registered by the appropriate authority.
    • Employment of foreign nationals is normally considered for the job for which locals are not available. However, this is not a mandatory requirement.
    • Persons under the age of 18 years are not eligible for employment.
    • A decision of the board of directors of the concerned company or institution for new employment is to be furnished in each case.
    • BIDA ensures that the number of foreign employees does not exceed 5% in the industrial sector and 20% in the commercial sector of the total employees.
    • Initially, employment of any foreign national is considered for a period of one year, which may be extended on the merit of the case.

    BIDA – Step by step process

     

    Step 1: Publishing newspaper or an online advertisement

     

    For the recruitment of a prospective employee the employer must first put a print in a Bangladeshi newspaper or internet advertising. The newspaper or online advertisement must provide a list of the duties that the employee will be expected to perform, future employee credentials, wage description (negotiable or not), work place, and any other necessary terms of employment. Essentially this advertising sets out a job description.

    Step 2: Application for the E Visa Recommendation

    Thereafter, the employer must apply to BIDA for the E Visa recommendation in favour of the foreign national. The documents that must be submitted to BIDA are as follows-

     

    • Copy of permission letter for branch/liaison/representative office or Memorandum of articles of association and certificate of incorporation in case of a locally incorporated company.
    • Board Resolution for the employment of foreign nation(s) mentioning Expatriate Name, Nationality & Passport Number
    • Photograph of the Expatriate.
    • Copy of passport of the Expatriate/Investor/Employee (Whole of the used part).
    • Appointment Letter/transfer order/service contract or agreement for expatriate/investors.
    • Certificate of all academic qualification & professional experience for the employees
    • Paperclipping showing advertisement made for recruitment of local personal prior to the appointment of the expatriate(s)
    • Specific activities of the company
    • Statement of manpower showing a list of local and expatriate personal employed with the designation, salary break-up, nationality and date of the first appointment. (Latest Copy)
    • Encashment certificate of inward remittance of minimum U.S $50,000.00 as initial establishment cost for branch/liaison/representative office and locally incorporated/ joint venture and 100% foreign ownership companies.
    • Up-to-date Income tax clearance certificate (Organization)

    Please keep in mind that all the documents must be attested by the Chairman/ CEO / Managing director/ Country Manager/ Chief executive of the Company/ firms.

     

    Step 3: Application for E Visa in the respective Bangladesh Embassy or High Commission

     

    Once BIDA issues the E visa recommendation, the foreign national must apply for E visa in the respective Bangladesh Embassy or High Commission in their country. Once the E visa is issued, the foreign national should enter Bangladesh with the E visa.

     

    Step 4: Application for a work permit in Bangladesh

     

    After arrival in Bangladesh, the foreign national must submit an application for the work permit to BIDA within 15 days. A fee of Tk. 5,000 is applicable for applying for the work permit.

     

    The following papers/documents are required for a new work permit:

     

    • Attested photocopy of passport with arrival stamp ‘E’ type visa for an employee
    • Copy of permission letter for branch/liaison/representative office or Memorandum of articles of association and certificate of incorporation in case of the locally incorporated company.
    • Board Resolution for the employment of foreign nation(s) mentioning Expatriate Name, Nationality & Passport Number
    • Photograph of the Expatriate.
    • Copy of passport of the Expatriate/Investor/Employee (Whole of the used part).
    • Appointment Letter/transfer order/service contract or agreement for expatriate/investors.
    • Certificate of all academic qualification & professional experience for the employees
    • Paperclipping showing advertisement made for recruitment of local personal prior to appointment of the expatriate(s)
    • Specific activities of the company
    • Statement of manpower showing list of local and expatriate personal employed with the designation, salary break-up, nationality and date of the first appointment. (Latest Copy)
    • Encashment certificate of inward remittance of minimum U.S $50,000.00 as initial establishment cost for branch/liaison/representative office and locally incorporated/ joint venture and 100% foreign ownership companies.
    • Up-to-date Income tax clearance certificate (Organization)

    Step 5: Security Clearance

     

    Once a work permit is issued by BIDA, a copy of the work permit would then be sent to the Ministry of Home Affairs for security clearance by BIDA. After some scrutiny, security clearance will be issued. (Immigration and Citizenship in Bangladesh)

     

    Immigration and Citizenship in Bangladesh_all types visas in bangldaesh

    If you want to know everything about obtaining a VISA in Bangladesh - Read this Article

    • Step by Step Process of getting a visa in Bangladesh

    FE – visa in Bangladesh

    One additional feature of the E Visa is that after the foreign national obtains work permit through E Visa, he is eligible to bring his spouse or dependent members to Bangladesh through the FE VISA.

    Authorized Period of stay: the same length of stay as the Principal visa trip in the E category.

    Birth/ marriage certificates must be presented to BIDA to obtain the FE Visa. (Immigration and Citizenship in Bangladesh)

     

    Investor visa in Bangladesh

    The investor visa is applicable to foreign investors who want to invest in a business in Bangladesh.

    The applicant for a visa must obtain and fill out the Bangladesh High Commission application form in their respective country. The following documents and the Visa application must be sent to the Bangladesh High Commission (Immigration and Citizenship in Bangladesh)-

    • A printed copy of duly filled in the online VISA application form and signed accordingly;
    • Recent passport size colour photo- 2 (Two) copies with white background;
    • Original Passport (valid at least for six months) with a photocopy of photo page;
    • Recommendation letter from BIDA/BOI/BEPZA.

    Tourist visa in Bangladesh

     

    To obtain a tourist visa to visit Bangladesh, the visa applicant must appear for visa application in person at the Bangladeshi Embassy in their country. As part of the application, the visa applicant must have the following documents (Immigration and Citizenship in Bangladesh )-

    • Filled-out online Application form (print out copy with a signature signed
    • Passport and a copy of the main page.
    • 2 recent colour photographs(2 inches size and a stamp size 2 cm. x 2 cm.) with a white background.
    • An employment letter (mentioning that individuals appointment/post, passport number, duration of period serving in the company and salary. ) OR an invitation letter from Bangladesh in the subject in Tourism together with a copy of a passport of the host/ a person who invites you to Bangladesh.
    • A copy of Hotel reservation.
    • A copy of the recent book bank or bank statement (alternative)
    • A copy of Ticket
    • A valid Passport with a sufficient number of pages
    • Copy of the previous visa

     

    After the tourist visa period ends, the visa applicant can apply for extending the visa.

     

     

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    “One additional feature of the E Visa is that after the foreign national obtains work permit through E Visa, he is eligible to bring his spouse or dependent members to Bangladesh through the FE VISA”

     

    Student visa in Bangladesh

    Students seeking admission to any government-approved educational institution must apply at their respective Bangladeshi Embassy or High Commission for a student visa (Immigration and Citizenship in Bangladesh ).

    The following documents must be submitted to the Bangladeshi Embassy or High Commission in order to apply for a student visa:

    • Proof of letter from the Bangladesh Bangladeshi educational institution where the applicant got admission or is going to get admission;
    • Sponsorship letter from the Bangladeshi educational institution;
    • Bank statement of the previous three months;
    • Student ID issued by the Bangladeshi educational institution with a photocopy;
    • Two copies of 45mm X 35mm photographs;
    • Filled-in visa application form.

     

    Diplomatic visa in Bangladesh

    This visa applies to individuals employed in a diplomatic position. To apply for a diplomatic visa, the following documents must be submitted to the respective Bangladesh ambassy or high commission.

    • Official letter from the concerned Government/ Embassy/ Office/ Organization;
    • Two copies of 45mm X 35mm photographs;
    • Filled-in visa application form
    • Letter from the Ministry of Foreign Affairs required for the Exemption of the Visa fees for the official visits
    • Visa will be given on the Official Passport.

     

    NGO visa in Bangladesh

    A person who has been named to a Bangladesh registered NGO is eligible for a visa from the NGO. The following documents for NGO visas must be sent to the relevant Bangladeshi Embassy or High Commission (Immigration and Citizenship in Bangladesh):

    • A certified letter from the concerned NGO in Bangladesh which should be duly attested by the NGO Affairs Bureau, Dhaka stating that the visa applicant has been appointed by the concerned NGO;
    • The appointment letter issued by the concerned NGO with the terms and conditions from the NGO where the applicant has been appointed;
    • A letter from the present employer of the applicant;
    • Two copies of 45mm X 35mm photographs;
    • Filled-in visa application form.
    • Recommendation letter from the concerned Bangladeshi NGO.

     

    Journalist visa in Bangladesh

    Journalists from newspapers / magazines / TV or radio networks / news agencies / print , electronic or satellite media / self-employed journalists will be eligible for a journalistic visa for their professional service in Bangladesh. To obtain a journalistic visa, the following documents must be submitted by the visa applicant to the respective Bangladesh embassy or high commission (Immigration and Citizenship in Bangladesh):

    • A support letter from his/her employer describing the purpose of the visit to Bangladesh;
    • Filled in FF-Iand FF-II forms;
    • Two copies of 45mm X 35mm photographs
    • Filled-in visa application form.
    • Passport copies
    • One set of a copy of the work permit in the country that he/she is employed in.
    • A copy of the journalist/press identity card
    • A recommendation letter from the current employer in their respective country, providing necessary information such as the details of the journalist, what subject will be reported or what information will be obtained in Bangladesh and the types of equipment that will be necessary to conduct the report in Bangladesh.

     

    Immigration practice at Counsels Law Partners 

    The Barristers, Advocates, and lawyers at CLP (Tahmidur Rahman, Counsels Law Partners) in Gulshan 1, Dhaka, Bangladesh are highly experienced at providing any kind of services related to immigration for foreign nationals. This is often considered as the best Immigration law chamber in Bangladesh, it has assisted numerous clients to obtain visa in Bangladesh. It can provide any kind of documentation, paperwork, consultation or any other related services to any foreign national who seeks visa in Bangladesh or anything in regards to the Immigration and Citizenship in Bangladesh. For queries or legal assistance, please reach us at:

    E-mail: tahmidur@counselslaw.com

    Phone: +8801727983838
    Address: House 39, Road 126 (3rd Floor) Islam Mansion, Gulshan 1, Dhaka.

     

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